Mumbai: Consumer confidence in India rebounded to reach its highest level in the first quarter of 2010, providing the most definitive sign that India is fast recovering from the economic downturn, according to the latest edition of the Nielsen Global Consumer Confidence Index.
“The rising confidence index shows a rebounding faith in economy and hope for a more optimistic future. India is one of the fastest growing markets in the world and the current consumer belief that recession would soon be a thing of the past has filled Indians with confidence,” The Nielsen Co.’s managing director, South Asia, Piyush Mathur said in a statement .
Job scare and financial concerns are a thing of the recent past for Indians. It has been replaced by a concern for increasing food prices, which has beaten all other concerns and is the biggest concern (17%) for Indians in the first quarter of 2010. In fact, India tops all other countries where increasing food prices are concerned, it said.
Shopping spree: The Nielsen survey finds India most optimistic globally; Indians believe the recession will be a thing of the past in a year. Ramesh Pathania/Mint
Forty-two per cent Indians think that the country is under recession at the moment. Of the 68% Indians, or one of four consumers believe that the country will be out of the recession in the next twelve months, making India the most optimistic country globally who believe that the recession will be a thing of the past in a year’s time. With 127 index points, India ranked number one in the recent round of the survey, followed by Indonesia (116) and Norway (115), Nielsen said.
Nielsen’s Global Consumer Confidence Index tracks consumer confidence, major concerns and spending intentions among more than 27,000 Internet users in 55 countries. In the latest round of the survey conducted between 8 March and 26 March consumer confidence in many markets rebounded to pre-recession levels of late 2007 and early 2008.
India retains its number one spot with 91% votes as the most optimistic country where job prospects are concerned. 25% Indians think job prospects in the country will be “excellent” and 66% think that it will be “good” in the next 12 months.
Indians also emerge the most optimistic about the state of their personal finances in the next 12 months. Nearly 8% Indians think that it is an “excellent” time to buy the things that they want and need and 44% think it is a “good” time to make purchases.